Hot Stocks | Ratnamani Metals and Tubes | Company Market
SI Reporter | Mumbai last updated on October 8, 2021 09:43 IST
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Ratnamani Metals & Tubes (RMTL) reached a record high of Rs 2,299 and rose 4.5% in intraday trading on Friday after the company announced that it has received a supply order worth Rs 980 million (excluding consumption tax) from the oil and gas industry. Carbon steel pipe. The order is expected to be executed within 5-12 months.
Earlier this month, the company received a total of 14.4 billion rupees (excluding excise tax) from the oil and gas industry for the supply of stainless steel pipes and carbon steel pipes. These orders will be executed in the next three to eight months.
RMTL stated in its 2020-21 fiscal year (FY21) annual report that the prospects look promising. There are opportunities for oil and gas, transnational pipelines, and urban natural gas distribution projects announced by governments and many countries around the world. In addition, chemicals and pharmaceuticals also have strong growth potential.
As the second wave of the pandemic now stabilizes, we expect some changes in the water transport sector through the "Har Ghar Nal Se Jal" initiative. The management stated that under this premise, we have seen huge opportunities in the industry and we believe that we are in a favorable position to "ride the wind and waves."
According to ICICI Securities, the recent order victory bodes well for RMTL. "The company is one of the leading pipeline suppliers in the oil and gas industry and has the ability to meet growing demand. The recent order will help the company achieve a compound annual growth rate of 25% in fiscal year 21-23. The stock currently It is trading 23 times FY23E earnings per share,” the brokerage firm said.
At 09:30 in the morning, the stock rose less than 1% in the BSE to Rs 2,212, while the Standard & Poor's BSE Sensex rose 0.38%. A total of 135,000 shares changed hands on the NSE and BSE counters.
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